【LCL 交流专区】LCL 集中分析区。

东邪

原帖由 8years 于 9-1-2008 10:11 PM 发表
有这等事？？？

信誉越高越好谈。。
自从LCL转主版后似乎对他很有利。。$$$

8years

原来如此，希望以后还会提高就更好

scsiang82

LCL bidding for XL jobs in Dubai

By C. S. TAN

PETALING JAYA: Interior fit-out (IFO) group LCL Corp Bhd is bidding for extra large, or XL-sized jobs, worth hundreds of millions of ringgit each in Dubai.

Its success in the tenders would take LCL to yet another level, as the company has moved up to jobs amounting to RM100mil each currently compared with contracts valued at RM20mil to RM30mil a few years ago.

LCL told Bursa Malaysia on Wednesday that LCL Interiors Contracting LLC had received a letter of award from main contractor, Arabtec Construction LLC, to carry out IFO works worth RM145mil for Tiara United Tower in Dubai.

A 49%-owned associate company, LCL Interiors is based in the United Arab Emirates (UAE) where Arabtec, a large construction group, is also based. Arabtec, with joint-venture partners, is constructing the Burj Dubai, slated to be the tallest building in the world.

Although IFO jobs of RM100mil were considered big in South-East Asia, they were viewed as small in Dubai, LCL managing director Low Chin Meng told StarBiz in a telephone interview from Dubai on Wednesday.

LCL has submitted bids for huge IFO jobs ranging from RM400mil to RM600mil each, which the company is hopeful of securing. As IFO works typically form about 30% of a commercial building's total project cost, the jobs tendered for would involve buildings that cost about RM1.5bil to develop.

“This is a very exciting year for LCL. Management is working very hard,” Low said just before he returned to Malaysia.

On the contract announced on Wednesday, Low said the stock (market) had “expectations of new projects. We're meeting those expectations.”

In the announcement, LCL said the payment terms included “an initial advance payment of 25%,'' which works out to about RM36mil. It is expected to be paid within a month.

“It is only in this part of the world that the main contractor is willing to advance 25% to you. It's due to demand (for IFO services) being greater than supply here,” Low said.

LCL has said before that it is working towards an order book of RM1bil in the Middle East. “That's the path we're taking,” Low said, “but if we take on RM1bil of projects, we would need a few hundred million ringgit in working capital.''

“That would push our gearing to three or four times,” he added.

The company's net borrowings were about two times shareholders' funds at the end of September last year.

Hence, LCL has set a criterion that customers make a relatively high advance payment before the company would take on a job. At the same time, it also seeks faster progress payments.

“In those days, clients were given 75 days of credit after the certification of works was issued.  

“Now, we're giving 45 days, sometimes even less, thus cutting the credit period by a month,” Low said.

He said the company would still have to borrow for working capital but “getting it from the client helps.” In addition to these sources, the company has proposed a rights issue to raise about RM80mil cash.

LCL is geared for strong growth. “We came here at the right time and did the right thing,” Low said.

http://biz.thestar.com.my/news/s ... 98&sec=business

scsiang82

Hence, LCL has set a criterion that customers make a relatively high advance payment before the company would take on a job. At the same time, it also seeks faster progress payments.

“In those days, clients were given 75 days of credit after the certification of works was issued.  

“Now, we're giving 45 days, sometimes even less, thus cutting the credit period by a month,” Low said.

还能这样啊？？哈哈。。。不给多点advance payment 还不要接工程。。

东邪

还能这样啊？？哈哈。。。不给多点advance payment 还不要接工程。。

现在“大支“了，可以LC一点

东邪

不过接太多只怕也难请到人
工程进度赶不上就不太好了
虽然有预收，但CashFlow会下跌
所以这也是需要发附加股的原因之一吧

而且LCL多数请马来西亚人
要不然就在那找印度劳工吧
手工不美还会做坏名声。。。

publicpang

会不会是只黑马..?

ahkeong82

这不是黑龙吗？

8years

lcl真的是风生水起。

东邪

原帖由 publicpang 于 11-1-2008 02:09 PM 发表
会不会是只黑马..?

黑驴吧，他现在比较喜欢慢慢推

scsiang82

没关系，不怕慢只怕站。。。

东邪

原帖由 scsiang82 于 11-1-2008 02:44 PM 发表
没关系，不怕慢只怕站。。。

驴比马的适应性强，可以忍受粗食、负重，而且比马便宜
驴对危险相当警觉，因此在某些对自己有危险的情况下不听人的驱使，正所谓“驴脾气”

scsiang82

今天LCL的股价调回了，是不是你卖票造成的。。。

东邪

原帖由 scsiang82 于 11-1-2008 02:53 PM 发表
今天LCL的股价调回了，是不是你卖票造成的。。。

我都一直在慢慢卖啊，很少量的那种啦
现在大盘全部趋软，所以有点调整是正常的。。

东邪

7177

Notice of Cessation of Substantial Shareholder (29C)

Particulars of Shareholder 39 Name : 1) FMR LLC 2) FIDELITY INTERNATIONAL LIMITED (FIL) NRIC/Passport No./Company No. : see remarks Nationality/Country of Incorporation : see remarks Address: 1) FMR LLC - 82 Devonshire Street, Boston, MA 02109 and   2) FIL - Pembroke Hall, 42 Crow Lane, Hamilton, HMCX Descriptions (Class and Nominal Value): Ordinary share of RM1.00 each Name and Address of Registered Holder: For full announcement, please refer to Bursa Securities' website. Details of Changes Date of Notice : 15/01/2008 Transactions: No. Date Transaction Type No of Shares Price (RM) 1. 09/01/2008 Disposed 198,900 -[/td] Circumstances by reason of which change has occurred: Simple Portfolio Investment Nature of Interest: Direct Consideration: No of Shares Held After Changes: Direct : 0 shares (0.0000%) Indirect/Deemed Interest : 0 shares (0.0000%) Total : 0 shares Remarks: For full details of this announcement, please access Bursa Malaysia's website Submitted By: Ms Carmen Loo

16/01/2008   06:33 PM

东邪

7177            
LCL- EMPLOYEES' SHARE OPTION SCHEME ("SCHEME")  

LISTING'S CIRCULAR NO. L/Q :  48294 OF  2008
Kindly be advised that the abovementioned Company’s additional 11,000 new
ordinary shares of RM1.00 each issued pursuant to the Scheme will be granted
listing and quotation with effect from 9.00 a.m., Thursday, 24 January 2008.

SNR MANAGER, ISSUERS


21/01/2008   04:33 PM

Mr.Business

新闻。

LCL has stronger bargaining power now: TA Sec

Typically, the interior fit-out outfit needs to fork out 30 to 35 per cent of the contract value to start a project, but now needs to raise only about 10 per cent
       
Published: 2008/01/22

LCL Corp Bhd, an interior fit-out (IFO) company, will be able to bid for projects worth more than RM2.1 billion without being stretched financially, TA Securities says.

This is because its clients are now willing to pay a quarter of the contract value upfront.

"The group is now reaping the benefits of its effort and now enjoying a strong flow of businesses and stronger bargaining power due to lack of IFO contractors in that region," Kamarulzaman Hassan said in a report yesterday.

He has a target price of RM9.90 for the stock. It closed down 25 sen to RM5.95 yesterday.

LCL's latest project, the RM145 million Tiara Hotel in Dubai, was an example where it could demand better terms on its contract.

Typically, LCL needs to fork out around 30 to 35 per cent of the contract value to start a project. However, it now needs to raise only about 10 per cent.

"In total, the group now can undertake 2.5 times bigger jobs for the same amount of project financing," Kamarulzaman said.

He is also bullish on LCL due to the lack of IFO rivals in the Gulf region.

He expects LCL to win a few new deals in the first half of the year.

"Our sources reveal that the group is close to securing RM200 million to RM250 million worth of contracts to build half of the 55 stations for the Dubai Metro".

LCL is also the frontrunner to win the fit-out work for the Nad Al Sheba Racecourse for its Hotels and Gallery.

"Although the value for the race horse course job is not finalised, the total IFO job for the Race Horse course project is estimated to be in the region of RM800 million," he said.

http://www.btimes.com.my/Current ... /LCL23.xml/Article/

东邪

业务强稳潜在赚益丰厚　强力推荐买入LCL机构
二零零八年一月二十四日 晚上十一时四分

（吉隆坡24日讯）达证券行在一份投资报告中，建议投资者“买入”LCL机构有限公司（LCL），并将目标价订在9.90令吉，这较现有股价出现高达61%的潜在赚益。

虽然达证券行在2007年11月初时，将LCL机构的展望转为负面，但是它仍选择等待该集团公布在杜拜市进行的2项土地发展计划后，对其评级再作定夺。上述2项计划经已接近完成，因此执行上的风险就大大减少。它相信该集团过往拥有辉煌业绩纪录，能够对来年展望更乐观。单在杜拜市，该集团已派驻了1200名技术人员。这显示公司对于夺取当地市场商机非常之关注。

达证券行预测LCL机构的08年合约总值将会增加多4亿令吉，因为预料在今年上半年该集团于印度及杜拜市的工作将会上升。这将会使得集团在08财政年的盈利增加29%至5260万令吉，这意味着每股盈利高达82.2仙。达证券行经已将该集团在09财政年的合约总值补充多9亿令吉，主要是由于在08年的锁定工程项目，将用来部份贡献予该证券行的估计。但是，它经已调升该集团09财政年盈利预测的9%，主要是该集团管理层定下较高赚益的条规所致。

LCL机构现时是以08年本益比12倍交易，之前是11倍，达证券行相信该股的交易将会与其他中型资本建筑股例如阿末查基资源、成荣集团、纳英控股与福胜利等挂钩。若以08财政年每股盈利82.2仙的本益比12倍作为目标，股的合理价应值9.90令吉。因此将该股的评级提升至买入。

LCL机构已在4年前进军中东市场。现时它正享受其收获的成果、与强稳的议价能力，主要是由于当地缺乏室内装潢承包商。在与该集团管理层会晤后，达证券行了解到它们在当地业务能拥有较高赚益，以及在制定合约上享有较佳条款。以最近锁定一份Tiara酒店兴建合约为例，客户必须先付合约总值25%作为首期，然后才动工。

这种做法对LCL机构的财务非常重要，因为这可承接较大型的工程项目而又不须背负沉重债务。通常每项工程在动工前，该集团必须筹集至少30至35%工程总值的资金作为准备。它既然从客户取得25%，而其余的10%则不成问题。假设，该集团接获一份总值1亿令吉的工程合约，该集团向客户收取2500万令吉的首期后，私下再筹集多1000万令吉的资金就可动工。总计，该集团能够承担大过上述同样总值2.5倍的工程计划。之前，该集团只能承担合共总值7亿令吉的工程合约，但是现在它可轻易锁定逾21亿令吉的合约，而没有违反银行条规。

与此同时，LCL机构将会进行一项扩充资本计划，包括发售新股、送凭单以及拆股，以筹集资金作为未来用在中东及印度工程项目上。虽然发售新股后，每股盈利将被冲淡，但是这会确保集团在来年获得增长。根据集团公布，它预测在发售新股中能筹集到8000万至9000万令吉的资金。它将部份资金用来偿还联昌国际银行的5000万令吉高息贷款。管理层还保证，这是现时最后一次的增资行动，使得集团在未来至少2年内不需为筹资烦恼。

阿联酋发展速度惊人
LCL机构在中东的业务前景越来越光明。达证券行认为由于油价高企，因此当地政府将赚取庞大的油钱用来支持发展国家经济之用。虽然有很多人说，杜拜的发展已过剩，但是当地人民对房屋的需求仍然强劲。当地一些主要发展项目包括有Palm Deira酒店、Palm Jebel Ali酒店、环球酒店、国际城市、杜拜海岸区、阿拉伯城市、Falcon City of Wonders、Nad Al Sheba赛马场以及杜拜地下铁路系统。因此，达证券行相信该集团不会在中东尤其是杜拜在至少2年内攫取不足够工程。管理层暗示集团经已投标总值不超过40亿令吉的合约，并在不久将来得悉结果。根据以往数据显示，集团的投标成功率介于15至20%，因此它预测该集团能在2008年攫获介于6亿至8亿令吉的工程项目。

此外，其他海湾国家纷纷以杜拜为发展模样，积极发展它们的城市。例如，阿布达比推出一项总值高达1000亿美元的长期发展计划，以在未来5年兴建新机场、港口、新市镇以及发展旅游业。在该区域的其他发展项目与总值包括Saadiyat岛（260亿美元）、Al Raha区（150亿美元）、Abu Shuoom岛发展计划（95亿令吉）以及Reem岛发展项目（55亿美元）。

基于达证券行获得的资料显示，LCL机构接近锁定总值2亿至2亿5000万令吉的合约，以建造杜拜地下铁路系统中55个车站的一半。此外，该集团亦是投标Nad Al Sheba赛马场的看台与酒店兴建合约的热门人选。虽然上述赛马场的合约总值还未完成计算，但是估计该马场的室内装潢工程项目总值高达8亿令吉。该集团应在今年上半年前取得上述工程合约。

印度是另一个有待开发市场
LCL机构进军印度市场被视为具有庞大潜质。但是，尽管过去3年在当地兴建道路与旗下的厂房后，还未看到出现一些室内装潢工程项目的出现。当达证券行与该集团高层卢先生接触后，他说，印度不像中东与哈萨克市场，在印度经商是要有技巧的，因此需要长时间来学习当地营运模式。然而，最近该集团宣布，它受Sun-Gumberg委任为当地进行综合发展计划的室内装潢设计与建造承包商。这使得该证券行出现惊喜，以及没想过它会获得总值不菲的合约，并且对该集团在当地的业务预测改观。

根据LCL机构的资料显示，它与Sun-Gumberg签署的总协议事实上对该集团非常之有价值。而集团管理层暗示，Sun-Gumberg将会承担上述发展项目的40个阶段，而在未来8年，每阶段的室内装潢工程总值大约是1亿令吉。假设所有的40个阶段工程项目获得放行，该集团将会陆续取得总值40亿令吉的建筑费收入，或是每年5亿令吉。若以保守估计，即使只有50%的工程获准放行，该集团每年都可获得2亿5000万令吉的收入，这对于它在印度营商是一个好的开始，以及在当地能提升其品牌知名度。

以每年的2亿5000万令吉收益作粗略计算，该集团在08财政年的净利将会增加700万令吉或是12%。
此外，由于印度是2010年举行的英联邦运动会的东道主，因此现时将会兴建很多新酒店，以致对室内装潢工程的需求大幅增加。据HVS国际研究所的调查报告显示，在海德拉巴与Chennai两个城市中，一些5星级国际酒店包括丽斯酒店、希尔顿酒店、万豪酒店与Accor Sofitel酒店皆寻求在该2城市分别兴建一间拥有1万2000间客房的酒店。LCL机构在海德拉巴市与当地一个名叫怡保工程机构（IJM，3336，主板建筑组）的大型建筑商有着密切关系，以及在酒店的室内装潢工程上拥有良好记录下，给予该集团一个很好机会来锁定更多相关合约。

达证券行估计LCL机构在未来3周内，将会获得Sun-Gumberg的正式委任状，作为旁遮普邦首项总值1亿令吉工程计划的承包商。其后，该集团料在今年上半年前，亦获得上述相同总值的次项计划委任状。这对该集团来说，是在海外市场上的另一个成就。

8years

“LCL机构接近锁定总值2亿至2亿5000万令吉的合约，以建造杜拜地下铁路系统中55个车站的一半”

？？？连地下铁路系统车站也搞上了？？不是只做装修吗？？车站算是装修吗？？那不是未来还有很多种project可以拿？？

东邪

原帖由 8years 于 25-1-2008 12:19 AM 发表
“LCL机构接近锁定总值2亿至2亿5000万令吉的合约，以建造杜拜地下铁路系统中55个车站的一半”

？？？连地下铁路系统车站也搞上了？？不是只做装修吗？？车站算是装修吗？？那不是未来还有很多种project可以拿？？

问题是。。建造55个地铁系统车站的一半。。就是22.5个，
才2亿多令吉建20多个地铁车站，会不会太便宜？
如果是装修我还相信。。。